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RBS sells Bank of China stake for $2.37 billion

RBS sells Bank of China stake for $2.37 billion

Shares in Bank of China rose Wednesday after Royal Bank of Scotland sold its entire stake in the mainland's No. 3 lender for nearly $2.37 billion, joining a recent string of investors who have cut their holdings in Chinese banks.
Bank of China rose 3.8 percent to 1.92 Hong Kong dollars by the midday break.
RBS sold its 4.3 percent stake, about 10.8 billion shares, in the Bank of China for HK$1.71 per share, representing as 7.6 percent discount over Tuesday's closing price, according to a person familiar with the matter, who asked not be identified because of the sensitivity of the matter.
Edinburgh-based RBS is one of several major investors to sell stakes in Chinese lenders recently, including Bank of America, Swiss bank UBS AG and Hong Kong billionaire Li Ka-shing's foundation.
The move comes less than two months after the British government took majority control of RBS amid fears about its solvency in the face of billions of dollars in write downs from souring assets.


Updated : 2021-07-29 05:29 GMT+08:00